E&Y unveils PayIndex product for corporates

Global consultancy major — Ernst & Young (E&Y) today announced the availability of its online compensation survey tool for Indian corporates — PayIndex.

Unveiling the product and its benefits to a clique of corporate HR heads here, E&Y Compensation & Rewards Competency Leader Jyotirmoy Bose, said the India specific internet based tool focuses on key industry in the Indian market providing information on specific compensation and benefits trends.
Pointing out that it offers three types of offerings — Data surveys, industry surveys and sponsored surveys, he said, it was primarily aimed at specific needs of the corporate users and not retail segment.

Observing that to test the efficacy and benefits of the product it would be accessible to users freely right through current calendar year, he said, quarterly updates would be mailed online to registered users on compensation and taxation thereafter.

Currently, he said, it covers Information Technology, IT Enabled Services and Telecom sectors, and by June 2003 and subsequently it would encompass other niche sectors like Pharma, Media & Entertainment, Insurance, FMCG and Manufacturing — Automobiles.

Stating that it is accessible online through — — he said it helps companies to answer queries like right compensation strategy for a company, how is the market paying for critical jobs, where to find reliable compensation industry for specific sector and how to use the information in the context of users own organisation.
The tool has high data integrity, is fully secure, flexible and quick, besides offering extensive coverage, he added.

Observing that E&Y has attained dominant position in India and were investing lot in Bangalore office to provide for value-added to clients, E&Y (Global Employment Solutions) Global CEO David Robinson said PayIndex was one such initiative.

According to him it was necessary to make people comfortable on what’s happening around them when measurement and appraisal process are introduced in the company as there exists a lot of tension between pay and compensation in the marketplace.

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